Millions of dollars in interest paid by banks on certain lawyer trust accounts helps fund legal services for the poor. But low market rates and a weak housing market -- which means less money set aside in trust for real estate closings -- have devastated the Interest on Lawyers Trust Account fund, resulting in the loss of scores of New Jersey legal aid jobs, and far fewer clients being served. Our fortunes are very much tied to interest rates and the volume of real estate closings,'' said Ellen Ferrise, executive director of the IOLTA Fund of the Bar of New Jersey.
A law firm could not sue Citibank to recover lost funds from a fraudulent check deposited into the firm's IOLTA account, the 1st Circuit has ruled in affirming a dismissal. In Oct. 2007, the firm deposited a check for $197,750 from a Citibank-held account into its Interest-on-Lawyers-Trust-Account with Citizens Bank. Shortly after the firm had the funds wired from the IOLTA account, Citizens discovered that the Citibank check was fraudulent. Citizens sued the firm and obtained a judgment for most of the amount of the check.
...Under Texas' Interest on Lawyers Trust Account (IOLTA) program, an attor...
The Indiana Supreme Court originally adopted Indiana's Interest on Lawyers' Trust Account (IOLTA) program in 1998 as an opt-out program for Indiana attorneys. The program requires Indiana lawyers to place nominal and/or short-term client funds, that otherwise could not earn net income for the client in excess of the costs incurred to secure such income, into pooled interest-bearing demand accounts. 1. participation, 2. interest rates, and 3. refund procedures. The changes are discussed.
...Noninterest-Bearing Transaction Accounts; Inclusion of Interest on. Lawyers Trust Accounts....
One of the cornerstones of our civil society is the belief that all people, regardless of race, religion, or income level, should have access to an impartial and reliable legal system. This conviction, always deeply held among the members of the Bar, is put into action every day by the thousands of public interest and pro bono attorneys who make up Maryland's legal services community. Historically, Maryland lawyers, both through the organized bar and on an individual basis, have provided support to this cause in the form of financial support as well as commitments of time and services. It is always a challenge to provide adequate service to this underserved community, but in this struggling economy, the ability of these committed lawyers to help the poor and disenfranchised of our state...
... units of government may have different interests to serve in the definition of crimes and the enfor... investigators, and highly trained lawyers. Similarly, Ward v. Texas , voided a conviction ... times the different rationales of trustworthiness and constitutional fairness. . Ultimately, howeve... prescribing the form and contents of accounts kept by public utility companies, and statutes req...
...Lawyer reprimanded for handling of account . STURBRIDGE - Local lawyer Edmond A. Neal III was... regular three-way reconciliations on his Interest on Lawyers' Trust Account, through which the clien...
... proceeds from the sale of the home in an Interest on Lawyers' Trust Account ("IOLTA Account") at a P...
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